The global canned foods market size is projected to reach USD 100.92 billion by the end of 2027. Increasing product demand availability at low costs will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Canned Food Market Size, Share & Industry Analysis, By Type (Canned Seafood, Canned Fruits and Vegetables, Canned Meat, and Others), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Stores, and Online Retail), and Regional Forecast, 2020 – 2027,” the market was worth USD 91.90 in 2019 and will exhibit a CAGR of 1.30% during the forecast period, 2020-2027.
Canned foods are widely consumed across the world, accounting to the adoption of fast paced lifestyles. These foods have gained massive popularity in the past few decades. The increasing demand for clean-labelled products has led to an increase in the demand for canned foods across the world. The use of environment-friendly material for manufacturing of cans and can materials will aid the growth of the overall market in the coming years. The availability of canned foods at retail chains, stores, grocery shops, and other chains will lead to a wider consumption across the world. The availability of preserved foods and variations in these foods will emerge in favor of the companies operating in the market. The high investment in development of long-lasting canned foods will aid the growth of the overall market in the forthcoming years.
Increasing Number of Company Mergers will Have a Direct Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of number of company mergers and acquisitions as well as collaborations has made the highest impact on market growth. Major companies are looking to collaborate with each other with a view to maximizing the use of resources and subsequently acquire a wider consumer base. In February 2020, B&G Foods announced that it has completed the acquisition of a renowned canned food manufacturer. The company acquired Farmwise LLC., a global manufacturer of canned vegetables. Through the acquisition of US-based Farmwise, B&G Foods will look to improve its range of plant-based protein foods. This acquisition will help the company improve its global business in the coming years. B&G’s acquisition of Farmwise LLC will also influence the growth of the overall canned foods market in the coming years.
Information source: https://www.fortunebusinessinsights.com/canned-food-market-103258